Bitcoin Blog a1

Wednesday, August 16, 2017

Approaching Moon?

I’m off on vacation right now, so I don’t have much time to report, but Bitcoin’s price is going crazy. It is over $4,000 at the time of writing this. In addition, interest rates on margin lending is quite low, meaning the market isn’t confident that Bitcoin will lower in price. Which might mean there is still potential for upward movement. Here we can see margin loan supply on Polo:

Here is another more mainstream article on Bitcoin; however, it does seem to get some information wrong. In particular, it implies that hacking the blockchain is the same thing as hacking a particular exchange, which is totally incorrect. In addition, its criticism that “Bitcoin values are purely dependent upon holders having faith they will continue to have value” is something all currency share. The US dollar has no value except the value that people give to it, and likewise if people universally stopped accepting USD it would lose its value as well.